10 Markets with Greatest Rent Changes during COVID Year in Review

10 Markets with Greatest Rent Changes During COVID: Year in Review

One year ago, this month, we began to see major changes in the world due to the COVID pandemic. On the 12th of March, the NBA elected to suspend the remainder of the season. In hindsight, this act was the first domino that led to further lockdowns across the country.

The first city to shutdown was San Francisco on March 17th. The first state to shutdown was California on March 19th. By the end of March, 32 out of 50 states had locked down.

These lockdowns, as well as the economic stimulus and eviction moratoriums, have affected multifamily markets to varying degrees. Some markets experienced a large increase in rents while others experienced double-digit drops in rent.

In this blog post, I will outline the five markets with the greatest increase and the five markets with the greatest decrease in rents one year into the coronavirus pandemic lockdowns.

Markets with Greatest Increase in Rents

1. Boise, ID

  • Rent change since March 2020: +16.0%
  • Rent change month-over-month: +3.4%

2. Fresno, CA

  • Rent change since March 2020: +11.9%
  • Rent change month-over-month: +0.6%

3. Greensboro, NC

  • Rent change since March 2020: +9.5%
  • Rent change month-over-month: +0.9%

4. Gilbert, AZ

  • Rent change since March 2020: +9.0%
  • Rent change month-over-month: +0.6%

5. Riverside, CA

  • Rent change since March 2020: +8.9%
  • Rent change month-over-month: +1.3%

Markets with Greatest Decrease in Rents

1. San Francisco, CA

  • Rent change since March 2020: -23.2%
  • Rent change month-over-month: +3.4%

2. New York, NY

  • Rent change since March 2020: -18.7%
  • Rent change month-over-month: +0.9%

3. Seattle, WA

  • Rent change since March 2020: -18.5%
  • Rent change month-over-month: +2.2%

4. Oakland, CA

  • Rent change since March 2020: -15.2%
  • Rent change month-over-month: -0.5%

5. Boston, MA

  • Rent change since March 2020: -14.5%
  • Rent change month-over-month: +2.9%

You can view the YoY and MoM rent changes for all major US markets here.

Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.

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Joe Fairless